“It’s good to be able to report some silver linings,” said EBAA CEO Fabio Gamba, welcoming the press on Monday to EBACE 2014. He noted recent major economic indicators, which of late have tracked towards the positive.
Private jet charter broker Sentient Jet said today that its travel bookings for the November and December holiday season have increased more than 70 percent over last year’s holiday season, “reflecting the continued resurgence” in private aviation. Popular travel destinations emerging so far during this holiday season include Palm Beach, Fla.; Aspen, Colo.; and New York City.
Heading into the homestretch of 2013, the upbeat mood that ushered in the new year has been building into the summer step-climb that gets a catapult shot–courtesy of the NBAA convention–to finish out the year. Someone must have hit the “on” switch after Labor Day weekend in early September, bringing buyers back into the market en masse. While deals have abounded in all model segments for some time, the recent activity is a strong sign of buyer confidence. From top to bottom aircraft are moving, and it’s no wonder considering how low prices have dropped.
In response to fleet growth and an uptick in its business, fractional provider Bombardier Flexjet has resumed hiring pilots after ceasing such activity, and then subsequently furloughing pilots, during the Great Recession. It recalled all of its furloughed pilots earlier this year. “We are thrilled to be expanding our dedicated pilot team…and anticipate hiring in the double digits this year and beyond,” said Flexjet vice president of operations Jason Weiss.
With many eyes focused on Egypt since the downfall of President Morsi, business aircraft operators are wondering about their next trip to the region. Thomas Winn, interim director of the Master of Security Management for Executives program at the University of Houston Downtown, told AIN, “If a trip to Egypt isn’t business essential right now, it should wait until all of Egypt gets re-examined. There’s obvious instability in the region, and I’m concerned about the potential for violence and retaliation.”
Offshore-energy and medevac operator PHI reported substantially higher earnings for the first quarter, posting a net revenue gain of $40.9 million (to $178.9 million) compared with the same quarter last year. The company credits the gain to more deepwater oil exploration support work and an uptick in its air medical segment. Net earnings quadrupled from the same period in 2012, increasing to $8.8 million from $2.2 million.
The business aviation industry appears poised for growth this year as the U.S.“leads the way” to a fuller recovery, according to two analysts contacted by AIN. Teal Group vice president of analysis Richard Aboulafia is “cautiously optimistic” that business jet deliveries and billings will climb this year, while Brian Foley of Brian Foley Associates is more bullish.
If past is prologue, expect an uptick in business aviation flight activity next March. That’s one of the conclusions drawn from an Argus Market Intelligence report released at the NBAA Convention. The report analyzes the last three years of the company’s TraqPak flight activity data, including its FlightView aircraft movement and JetNet aircraft ownership information.
“We are gaining confidence that a recovery is taking hold following good news in recent weeks,” JPMorgan North America Equity Research noted in its latest business jet update. The firm cited the net orders for 74 aircraft booked by Bombardier in the fourth quarter, as well as the recent firm order for 50 Bombardier Globals placed by NetJets.
“We are gaining confidence that a recovery is taking hold following good news in recent weeks,” JPMorgan North America Equity Research noted in its latest monthly business jet update, released yesterday. The firm cited the net orders for 74 aircraft booked by Bombardier in the fourth quarter, as well as the firm order for 50 Bombardier Globals placed by NetJets last week.
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